Whether you have lived through a recession or are unaccustomed to financial uncertainty, as have older generations, dealing with financial stress is never easy and a matter that should not be taken lightly.
Distress also has been labeled as a silent killer, describing the grave effect it can have on your body, causing illness or possible life-threatening consequences. Although multiple factors can create stress in one’s life, we will focus on one in particular: financial stress.
Financial stress can be described as a state of worry, anxiety or emotional tension related to money, debt and current or future expenses. A survey conducted by CreditWise discovered that 73 percent of Americans (all ages) rank finances as the most significant source of stress. Additionally, finances rank much higher among Millennials and Gen Z respondents, totaling 81 percent and 82 percent respectively, expressing that financial stress is more apparent in the younger generation. This is possibly related to student loan debt and a lower accumulation of savings.
Many Americans have encountered an increase of financial stress post-COVID-19. Job loss, inflation and other economic factors have contributed to financial uncertainty. As of March 2022, the inflation rate has reached 8.5 percent, the highest rate since December 1981, a period of recession.
Whether you have lived through a recession or are unaccustomed to financial uncertainty, as have older generations, dealing with financial stress is never easy and a matter that should not be taken lightly. Here are some helpful ways to minimize financial stress:
Any form of distress is an unhealthy emotion that should be cared for appropriately. When left untreated, distress can only become more problematic. Take control of the matters that can be controlled. However, remember that God is always available, promising to be an ever-present help in trouble (Psalm 46:1).
Jermaine K. Jackson is Lake Union Conference associate treasurer and Stewardship director.